COMEX Gold sees choppy movement

July 16,2020

Gold futures saw a sideways movement yesterday as rising global stocks capped the upside for the metal. Gold has managed to hold fairly well as $1800 per ounce mark provided good support to the metal. The COMEX Gold currently trades at $1812 per ounce, down 0.06% on the day. .

Meanwhile, the World Gold Council (WGC) noted in its latest midyear outlook that investors have embraced gold in 2020 as a key portfolio hedging strategy. Looking ahead, expectations for a faster recovery (V-shaped) from COVID-19 are shifting towards slower recovery (U-shaped), or potential setbacks from additional waves of infections (W-shaped). Gold had a remarkable performance in the first half of 2020, increasing by 16.8% in US-dollar terms and significantly outperforming all other major asset classes.

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